Those who are ready to get married are about to enter one of the most exciting chapters of their lives. However, not all marriages go as planned, and if you get a divorce without a prenuptial agreement in place, it may have a significant effect on your financial standing. Fortunately, prenuptial agreements save many people from losing out on what they are entitled to. Here are some of the questions you may have:
What does a prenuptial agreement do?
Essentially, couples will draft prenuptial agreements to predetermine how their assets will be distributed in the event of a divorce. Without a prenuptial agreement in place, a couple’s assets may be subject to equitable distribution in a divorce, meaning the court will decide “who gets what.” Rather unsurprisingly, the equitable distribution process leaves most couples feeling as though they were cheated out of what they truly deserve. To avoid all the complications, you and your spouse-to-be can simply draft a prenuptial agreement today.
What can couples decide in prenuptial agreements?
Couples can address several very specific financial and marital issues in a prenuptial agreement. For example, though prenuptial agreements can address what will happen with certain assets in a divorce, such as a house, car, stocks, or any other property, they can address other key divorce-related issues as well. Prenuptial agreements can also determine what will happen with child custody, alimony, child support payments, inheritances, and more. If a prenuptial agreement sounds like something that may benefit you, speak to your fiance about drafting one when you feel the time is right.
How can I tell if my prenuptial agreement is valid and enforceable?
To have a valid and enforceable prenuptial agreement, it must meet the following qualifications:
- It must be notarized
- It must be fair and just for both parties and signed without deception
- Both spouses must fully disclose all financial information
- It must be in writing and signed by both spouses
- Both spouses must have separate legal counsel or waive their right to legal counsel in writing
- It must be executed before marriage
Can I contest or modify a prenuptial agreement?
If at some point you believe your prenuptial agreement is either inaccurate, unfair, or if any of the above qualifications have been violated, you may contest or modify a prenuptial agreement. However, to modify a prenup, you and your spouse must first agree upon, and sign, an updated agreement.
Contact our experienced Bergen County firm
At Townsend, Tomaio & Newmark, our attorneys have extensive experience helping clients to understand and protect their legal rights before, during, and after the divorce process in towns across New Jersey and Bergen County, including Hackensack, Ridgewood, Paramus, Teaneck, and Fort Lee.
To speak with our team of divorce lawyers today in a free and confidential consultation regarding your concerns about moving out of your marital home during your divorce, please contact us online, or through our Hackensack, NJ office at (201) 397-1750.